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Gateway + King

2 Properties Offered at $6,350,000 in Seattle, WA

  • Listing ID: 18857258
  • Date Created: 3/13/2020
  • Last Updated:


Property Name / Address, City, State Property Type Size Year Built Individual Price
5405 Leary Ave NW, Seattle, WA Retail 6,643 1904 N/A
5401 Leary Ave NW, Seattle, WA Office 3,785 1987 N/A
Show More > < Show Less

Investment Highlights

  • In the Heart of Downtown Ballard
  • Opportunity to Raise Rents to Market
  • Provided Free and Clear of Debt
  • Great Access From Leary Ave NW
  • NNN Leases


Executive Summary

Pilot Ventures is pleased to present 5401 & 5405 Leary Avenue NW, a combined 10,428 net rentable square foot office and retail building with NNN leased tenants, in the heart of the historic district of Ballard. This section of Ballard is known for its abundance of personality and charm, walkability, and nightlife. Gateway + King is located at the corner of Leary Avenue NW and NW Vernon Pl., a highly trafficked intersection with the Olympic Athletic Club located to the South.
Well located service-oriented retail tenants have outperformed traditional retail as they are insulated from E-commerce emergence. In addition, the office sector continues to gain strength around Seattle and Gateway + King's proximity to nearly 800 private paid parking spots satisfies the need for those who drive.
This is a tremendous opportunity to acquire a well-maintained asset with near-term upside in the heart of Ballard, one of Seattle's top destination neighborhoods for locals and tourists alike.

Taxes & Operating Expenses (Pro forma - 2021)

Gross Rental Income $374,782
Other Income $116,198
Vacancy Loss $14,991
Effective Gross Income $475,989
Taxes $67,432
Operating Expenses $49,953
Total Expenses $117,385
Net Operating Income $358,604
Walk Score ®
Walker's Paradise (96)
Bike Score ®
Very Bikeable (78)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®


Commuter Rail

King Street (Seattle) Station Commuter Rail (Sounder South Line)
Central Puget Sound Regional Transit Authority Rail
15 min drive 6.5 mi

airplane iconAirport

Kenmore Air Harbor Inc Airport
28 min drive 12.0 mi
Seattle-Tacoma International Airport
35 min drive 18.0 mi

The LoopNet service and information provided therein, while believed to be accurate, are provided "as is". LoopNet disclaims any and all representations, warranties, or guarantees of any kind.

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